Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)
|
9 Months Ended |
Jun. 29, 2013
|
Consolidating Condensed Financial Information of Guarantor Subsidiaries [Abstract] |
|
Condensed Statement of Operations based on the Company's understanding of the SEC's Interpretation |
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CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Three Months Ended June 29, 2013 (in
thousands) (unaudited)
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
145,836 |
|
|
$ |
361,067 |
|
|
$ |
(12,773 |
) |
|
$ |
494,130 |
|
Cost of products sold and occupancy
|
|
|
107,459 |
|
|
|
246,978 |
|
|
|
(12,773 |
) |
|
|
341,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
38,377 |
|
|
|
114,089 |
|
|
|
0 |
|
|
|
152,466 |
|
Selling, general and administrative expenses
|
|
|
42,959 |
|
|
|
76,615 |
|
|
|
0 |
|
|
|
119,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
(4,582 |
) |
|
|
37,474 |
|
|
|
0 |
|
|
|
32,892 |
|
Interest – net
|
|
|
(11,220 |
) |
|
|
(99 |
) |
|
|
0 |
|
|
|
(11,319 |
) |
Other income (loss )
|
|
|
(2,722 |
) |
|
|
3,075 |
|
|
|
0 |
|
|
|
353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(18,524 |
) |
|
|
40,450 |
|
|
|
0 |
|
|
|
21,926 |
|
Income taxes (tax benefit)
|
|
|
(7,007 |
) |
|
|
14,527 |
|
|
|
0 |
|
|
|
7,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) including noncontrolling interest
|
|
|
(11,517 |
) |
|
|
25,923 |
|
|
|
|
|
|
|
14,406 |
|
Income attributable to noncontrolling interest
|
|
|
681 |
|
|
|
0 |
|
|
|
0 |
|
|
|
681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor
subsidiaries
|
|
|
(12,198 |
) |
|
|
25,923 |
|
|
|
0 |
|
|
|
13,725 |
|
Equity in undistributed income of guarantor subsidiaries
|
|
|
25,923 |
|
|
|
0 |
|
|
|
(25,923 |
) |
|
|
0 |
|
|
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|
|
|
|
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|
|
|
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|
|
|
|
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Net income attributable to Central Garden & Pet Company
|
|
$ |
13,725 |
|
|
$ |
25,923 |
|
|
$ |
(25,923 |
) |
|
$ |
13,725 |
|
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CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Three Months Ended June 23, 2012 (in
thousands) (unaudited)
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
162,029 |
|
|
$ |
394,197 |
|
|
$ |
(22,418 |
) |
|
$ |
533,808 |
|
Cost of products sold and occupancy
|
|
|
110,363 |
|
|
|
265,211 |
|
|
|
(22,418 |
) |
|
|
353,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Gross profit
|
|
|
51,666 |
|
|
|
128,986 |
|
|
|
0 |
|
|
|
180,652 |
|
Selling, general and administrative expenses
|
|
|
42,832 |
|
|
|
88,851 |
|
|
|
0 |
|
|
|
131,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
8,834 |
|
|
|
40,135 |
|
|
|
0 |
|
|
|
48,969 |
|
Interest – net
|
|
|
(10,727 |
) |
|
|
32 |
|
|
|
0 |
|
|
|
(10,695 |
) |
Other income (loss )
|
|
|
(4,500 |
) |
|
|
4,602 |
|
|
|
0 |
|
|
|
102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(6,393 |
) |
|
|
44,769 |
|
|
|
0 |
|
|
|
38,376 |
|
Income taxes (tax benefit)
|
|
|
(2,485 |
) |
|
|
17,039 |
|
|
|
0 |
|
|
|
14,554 |
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
Income (loss) including noncontrolling interest
|
|
|
(3,908 |
) |
|
|
27,730 |
|
|
|
0 |
|
|
|
23,822 |
|
Income attributable to noncontrolling interest
|
|
|
1,123 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor
subsidiaries
|
|
|
(5,031 |
) |
|
|
27,730 |
|
|
|
0 |
|
|
|
22,699 |
|
Equity in undistributed income of guarantor subsidiaries
|
|
|
27,730 |
|
|
|
0 |
|
|
|
(27,730 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Central Garden & Pet Company
|
|
$ |
22,699 |
|
|
$ |
27,730 |
|
|
$ |
(27,730 |
) |
|
$ |
22,699 |
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Nine Months Ended June 29, 2013 (in
thousands) (unaudited)
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
400,778 |
|
|
$ |
921,693 |
|
|
$ |
(37,675 |
) |
|
$ |
1,284,796 |
|
Cost of products sold and occupancy
|
|
|
298,861 |
|
|
|
641,015 |
|
|
|
(37,675 |
) |
|
|
902,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
101,917 |
|
|
|
280,678 |
|
|
|
0 |
|
|
|
382,595 |
|
Selling, general and administrative expenses
|
|
|
108,405 |
|
|
|
207,646 |
|
|
|
0 |
|
|
|
316,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
(6,488 |
) |
|
|
73,032 |
|
|
|
0 |
|
|
|
66,544 |
|
Interest – net
|
|
|
(32,441 |
) |
|
|
(38 |
) |
|
|
0 |
|
|
|
(32,479 |
) |
Other income (loss )
|
|
|
(5,539 |
) |
|
|
4,863 |
|
|
|
0 |
|
|
|
(676 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(44,468 |
) |
|
|
77,857 |
|
|
|
0 |
|
|
|
33,389 |
|
Income taxes (tax benefit)
|
|
|
(15,995 |
) |
|
|
27,365 |
|
|
|
0 |
|
|
|
11,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) including noncontrolling interest
|
|
|
(28,473 |
) |
|
|
50,492 |
|
|
|
|
|
|
|
22,019 |
|
Income attributable to noncontrolling interest
|
|
|
1,367 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor
subsidiaries
|
|
|
(29,840 |
) |
|
|
50,492 |
|
|
|
0 |
|
|
|
20,652 |
|
Equity in undistributed income of guarantor subsidiaries
|
|
|
50,492 |
|
|
|
0 |
|
|
|
(50,492 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Central Garden & Pet Company
|
|
$ |
20,652 |
|
|
$ |
50,492 |
|
|
$ |
(50,492 |
) |
|
$ |
20,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Nine Months Ended June 23, 2012 (in
thousands) (unaudited)
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net sales
|
|
$ |
416,323 |
|
|
$ |
944,098 |
|
|
$ |
(57,644 |
) |
|
$ |
1,302,777 |
|
Cost of products sold and occupancy
|
|
|
295,339 |
|
|
|
655,996 |
|
|
|
(57,644 |
) |
|
|
893,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
120,984 |
|
|
|
288,102 |
|
|
|
0 |
|
|
|
409,086 |
|
Selling, general and administrative expenses
|
|
|
106,435 |
|
|
|
219,740 |
|
|
|
0 |
|
|
|
326,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
14,549 |
|
|
|
68,362 |
|
|
|
0 |
|
|
|
82,911 |
|
Interest – net
|
|
|
(30,769 |
) |
|
|
115 |
|
|
|
0 |
|
|
|
(30,654 |
) |
Other income (expense)
|
|
|
(5,167 |
) |
|
|
5,148 |
|
|
|
0 |
|
|
|
(19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(21,387 |
) |
|
|
73,625 |
|
|
|
0 |
|
|
|
52,238 |
|
Income tax (tax benefit)
|
|
|
(7,977 |
) |
|
|
27,693 |
|
|
|
0 |
|
|
|
19,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) including noncontrolling interest
|
|
|
(13,410 |
) |
|
|
45,932 |
|
|
|
0 |
|
|
|
32,522 |
|
Income attributable to noncontrolling interest
|
|
|
1,290 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor
subsidiaries
|
|
|
(14,700 |
) |
|
|
45,932 |
|
|
|
0 |
|
|
|
31,232 |
|
Equity in undistributed income of guarantor subsidiaries
|
|
|
45,932 |
|
|
|
0 |
|
|
|
(45,932 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Central Garden & Pet Company
|
|
$ |
31,232 |
|
|
$ |
45,932 |
|
|
$ |
(45,932 |
) |
|
$ |
31,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidating Condensed Statements of Comprehensive Income |
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE
INCOME Three Months Ended June 29, 2013 (in
thousands) (unaudited)
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net income (loss)
|
|
$ |
(11,517 |
) |
|
$ |
25,923 |
|
|
$ |
0 |
|
|
$ |
14,406 |
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
|
|
|
(92 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(92 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
|
(11,609 |
) |
|
|
25,923 |
|
|
|
0 |
|
|
|
14,314 |
|
Comprehensive income attributable to noncontrolling interests
|
|
|
681 |
|
|
|
0 |
|
|
|
0 |
|
|
|
681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Central Garden & Pet Company
|
|
$ |
(12,290 |
) |
|
$ |
25,923 |
|
|
$ |
0 |
|
|
$ |
13,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended June 23, 2012 (in
thousands) (unaudited)
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net income (loss)
|
|
$ |
(3,908 |
) |
|
$ |
27,730 |
|
|
$ |
0 |
|
|
$ |
23,822 |
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
|
|
|
(185 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(185 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
|
(4,093 |
) |
|
|
27,730 |
|
|
|
0 |
|
|
|
23,637 |
|
Comprehensive income attributable to noncontrolling interests
|
|
|
1,123 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Central Garden & Pet Company
|
|
$ |
(5,216 |
) |
|
$ |
27,730 |
|
|
$ |
0 |
|
|
$ |
22,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE
INCOME Nine Months Ended June 29, 2013 (in
thousands) (unaudited)
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net income (loss)
|
|
$ |
(28,473 |
) |
|
$ |
50,492 |
|
|
$ |
0 |
|
|
$ |
22,019 |
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
|
|
|
(699 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(699 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
|
(29,172 |
) |
|
|
50,492 |
|
|
|
0 |
|
|
|
21,320 |
|
Comprehensive income attributable to noncontrolling interests
|
|
|
1,367 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Central Garden & Pet Company
|
|
$ |
(30,539 |
) |
|
$ |
50,492 |
|
|
$ |
0 |
|
|
$ |
19,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE
INCOME Nine Months Ended June 23, 2012 (in
thousands) (unaudited)
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net income (loss)
|
|
$ |
(13,410 |
) |
|
$ |
45,932 |
|
|
$ |
0 |
|
|
$ |
32,522 |
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
|
|
|
108 |
|
|
|
0 |
|
|
|
0 |
|
|
|
108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
|
(13,302 |
) |
|
|
45,932 |
|
|
|
0 |
|
|
|
32,630 |
|
Comprehensive income attributable to noncontrolling interests
|
|
|
1,290 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Central Garden & Pet Company
|
|
$ |
(14,592 |
) |
|
$ |
45,932 |
|
|
$ |
0 |
|
|
$ |
31,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Balance Sheet based on the Company's understanding of the SEC Interpretation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET
June 29, 2013 (in thousands) (unaudited)
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
18,109 |
|
|
$ |
2,373 |
|
|
$ |
0 |
|
|
$ |
20,482 |
|
Short term investments
|
|
|
17,820 |
|
|
|
0 |
|
|
|
0 |
|
|
|
17,820 |
|
Accounts receivable, net
|
|
|
69,602 |
|
|
|
178,236 |
|
|
|
(4,188 |
) |
|
|
243,650 |
|
Inventories
|
|
|
135,301 |
|
|
|
277,769 |
|
|
|
0 |
|
|
|
413,070 |
|
Prepaid expenses and other assets
|
|
|
24,040 |
|
|
|
29,711 |
|
|
|
0 |
|
|
|
53,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
264,872 |
|
|
|
488,089 |
|
|
|
(4,188 |
) |
|
|
748,773 |
|
Land, buildings, improvements and equipment, net
|
|
|
82,107 |
|
|
|
108,814 |
|
|
|
0 |
|
|
|
190,921 |
|
Goodwill
|
|
|
0 |
|
|
|
210,223 |
|
|
|
0 |
|
|
|
210,223 |
|
Investment in guarantors
|
|
|
733,748 |
|
|
|
0 |
|
|
|
(733,748 |
) |
|
|
0 |
|
Deferred income taxes and other assets
|
|
|
53,049 |
|
|
|
41,670 |
|
|
|
0 |
|
|
|
94,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,133,776 |
|
|
$ |
848,796 |
|
|
$ |
(737,936 |
) |
|
$ |
1,244,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
46,305 |
|
|
$ |
70,196 |
|
|
$ |
(4,188 |
) |
|
$ |
112,313 |
|
Accrued expenses and other current liabilities
|
|
|
50,276 |
|
|
|
43,142 |
|
|
|
0 |
|
|
|
93,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
96,581 |
|
|
|
113,338 |
|
|
|
(4,188 |
) |
|
|
205,731 |
|
Long-term debt
|
|
|
509,397 |
|
|
|
33 |
|
|
|
0 |
|
|
|
509,430 |
|
Other long-term obligations
|
|
|
36,168 |
|
|
|
1,677 |
|
|
|
0 |
|
|
|
37,845 |
|
Shareholders’ equity attributable to Central Garden & Pet Company
|
|
|
489,946 |
|
|
|
733,748 |
|
|
|
(733,748 |
) |
|
|
489,946 |
|
Noncontrolling interest
|
|
|
1,684 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
491,630 |
|
|
|
733,748 |
|
|
|
(733,748 |
) |
|
|
491,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,133,776 |
|
|
$ |
848,796 |
|
|
$ |
(737,936 |
) |
|
$ |
1,244,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET
June 23, 2012 (in thousands) (unaudited)
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
37,280 |
|
|
$ |
3,419 |
|
|
$ |
0 |
|
|
$ |
40,699 |
|
Short term investments
|
|
|
17,820 |
|
|
|
0 |
|
|
|
0 |
|
|
|
17,820 |
|
Accounts receivable, net
|
|
|
84,305 |
|
|
|
170,748 |
|
|
|
(9,273 |
) |
|
|
245,780 |
|
Inventories
|
|
|
105,336 |
|
|
|
229,460 |
|
|
|
0 |
|
|
|
334,796 |
|
Prepaid expenses and other assets
|
|
|
19,395 |
|
|
|
26,712 |
|
|
|
0 |
|
|
|
46,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
264,136 |
|
|
|
430,339 |
|
|
|
(9,273 |
) |
|
|
685,202 |
|
Land, buildings, improvements and equipment, net
|
|
|
78,025 |
|
|
|
107,200 |
|
|
|
0 |
|
|
|
185,225 |
|
Goodwill
|
|
|
0 |
|
|
|
210,223 |
|
|
|
0 |
|
|
|
210,223 |
|
Investment in guarantors
|
|
|
672,339 |
|
|
|
0 |
|
|
|
(672,339 |
) |
|
|
0 |
|
Deferred income taxes and other assets
|
|
|
43,602 |
|
|
|
55,466 |
|
|
|
0 |
|
|
|
99,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,058,102 |
|
|
$ |
803,228 |
|
|
$ |
(681,612 |
) |
|
$ |
1,179,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
53,994 |
|
|
$ |
80,390 |
|
|
$ |
(9,273 |
) |
|
$ |
125,111 |
|
Accrued expenses and other current liabilities
|
|
|
59,182 |
|
|
|
47,983 |
|
|
|
0 |
|
|
|
107,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
113,176 |
|
|
|
128,373 |
|
|
|
(9,273 |
) |
|
|
232,276 |
|
Long-term debt
|
|
|
449,406 |
|
|
|
124 |
|
|
|
0 |
|
|
|
449,530 |
|
Other long-term obligations
|
|
|
21,086 |
|
|
|
2,392 |
|
|
|
0 |
|
|
|
23,478 |
|
Shareholders’ equity attributable to Central Garden & Pet Company
|
|
|
473,138 |
|
|
|
672,339 |
|
|
|
(672,339 |
) |
|
|
473,138 |
|
Noncontrolling interest
|
|
|
1,296 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
474,434 |
|
|
|
672,339 |
|
|
|
(672,339 |
) |
|
|
474,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,058,102 |
|
|
$ |
803,228 |
|
|
$ |
(681,612 |
) |
|
$ |
1,179,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET
September 29, 2012 (in thousands)
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries |
|
|
Eliminations |
|
|
Consolidated |
|
ASSETS |
|
|
|
|
Cash and cash equivalents
|
|
$ |
44,662 |
|
|
$ |
3,813 |
|
|
$ |
0 |
|
|
$ |
48,475 |
|
Short term investments
|
|
|
22,705 |
|
|
|
0 |
|
|
|
0 |
|
|
|
22,705 |
|
Accounts receivable, net
|
|
|
48,339 |
|
|
|
159,328 |
|
|
|
(5,245 |
) |
|
|
202,422 |
|
Inventories
|
|
|
97,017 |
|
|
|
233,015 |
|
|
|
0 |
|
|
|
330,032 |
|
Prepaid expenses and other assets
|
|
|
25,242 |
|
|
|
22,907 |
|
|
|
0 |
|
|
|
48,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
237,965 |
|
|
|
419,063 |
|
|
|
(5,245 |
) |
|
|
651,783 |
|
Land, buildings, improvements and equipment, net
|
|
|
81,727 |
|
|
|
109,436 |
|
|
|
0 |
|
|
|
191,163 |
|
Goodwill
|
|
|
0 |
|
|
|
210,223 |
|
|
|
0 |
|
|
|
210,223 |
|
Investment in guarantors
|
|
|
654,362 |
|
|
|
0 |
|
|
|
(654,362 |
) |
|
|
0 |
|
Other assets
|
|
|
54,910 |
|
|
|
41,468 |
|
|
|
0 |
|
|
|
96,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,028,964 |
|
|
$ |
780,190 |
|
|
$ |
(659,607 |
) |
|
$ |
1,149,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
49,894 |
|
|
$ |
82,013 |
|
|
$ |
(5,245 |
) |
|
$ |
126,662 |
|
Accrued expenses and other liabilities
|
|
|
38,673 |
|
|
|
41,149 |
|
|
|
0 |
|
|
|
79,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
88,567 |
|
|
|
123,162 |
|
|
|
(5,245 |
) |
|
|
206,484 |
|
Long-term debt
|
|
|
449,387 |
|
|
|
96 |
|
|
|
0 |
|
|
|
449,483 |
|
Other long-term obligations
|
|
|
26,127 |
|
|
|
2,570 |
|
|
|
0 |
|
|
|
28,697 |
|
Shareholders’ equity attributable to Central Garden & Pet Company
|
|
|
463,937 |
|
|
|
654,362 |
|
|
|
(654,362 |
) |
|
|
463,937 |
|
Noncontrolling interest
|
|
|
946 |
|
|
|
0 |
|
|
|
0 |
|
|
|
946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
464,883 |
|
|
|
654,362 |
|
|
|
(654,362 |
) |
|
|
464,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,028,964 |
|
|
$ |
780,190 |
|
|
$ |
(659,607 |
) |
|
$ |
1,149,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Cash Flows Statement on the Company's understanding of the SEC Interpretation |
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
Nine Months Ended June 29, 2013 (in
thousands) (unaudited)
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net cash provided (used) by operating activities
|
|
$ |
11 |
|
|
$ |
(14,977 |
) |
|
$ |
(50,492 |
) |
|
$ |
(65,458 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property and equipment
|
|
|
(8,965 |
) |
|
|
(10,569 |
) |
|
|
0 |
|
|
|
(19,534 |
) |
Proceeds from short term investments
|
|
|
4,885 |
|
|
|
0 |
|
|
|
0 |
|
|
|
4,885 |
|
Payment to acquire companies
|
|
|
0 |
|
|
|
(4,835 |
) |
|
|
0 |
|
|
|
(4,835 |
) |
Investment in guarantor subsidiaries
|
|
|
(79,386 |
) |
|
|
28,894 |
|
|
|
50,492 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used) by investing activities
|
|
|
(83,466 |
) |
|
|
13,490 |
|
|
|
50,492 |
|
|
|
(19,484 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayments of long-term debt
|
|
|
(161 |
) |
|
|
(96 |
) |
|
|
0 |
|
|
|
(257 |
) |
Borrowings under revolving line of credit
|
|
|
281,000 |
|
|
|
0 |
|
|
|
0 |
|
|
|
281,000 |
|
Repayments under revolving line of credit
|
|
|
(221,000 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(221,000 |
) |
Repurchase of common stock
|
|
|
(2,625 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(2,625 |
) |
Proceeds from issuance of common stock
|
|
|
560 |
|
|
|
0 |
|
|
|
0 |
|
|
|
560 |
|
Distribution to minority interest
|
|
|
(629 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(629 |
) |
Excess tax benefits from stock-based awards
|
|
|
345 |
|
|
|
0 |
|
|
|
0 |
|
|
|
345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used) by financing activities
|
|
|
57,490 |
|
|
|
(96 |
) |
|
|
0 |
|
|
|
57,394 |
|
Effect of exchange rate changes on cash
|
|
|
(588 |
) |
|
|
143 |
|
|
|
0 |
|
|
|
(445 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
(26,553 |
) |
|
|
(1,440 |
) |
|
|
0 |
|
|
|
(27,993 |
) |
Cash and cash equivalents at beginning of period
|
|
|
44,662 |
|
|
|
3,813 |
|
|
|
0 |
|
|
|
48,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$ |
18,109 |
|
|
$ |
2,373 |
|
|
$ |
0 |
|
|
$ |
20,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
Nine Months Ended June 23, 2012 (in
thousands) (unaudited)
|
|
|
|
Parent |
|
|
Guarantor Subsidiaries
|
|
|
Eliminations |
|
|
Consolidated |
|
Net cash provided by operating activities
|
|
$ |
73,213 |
|
|
$ |
36,873 |
|
|
$ |
(45,932 |
) |
|
$ |
64,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property and equipment
|
|
|
(13,408 |
) |
|
|
(13,522 |
) |
|
|
0 |
|
|
|
(26,930 |
) |
Investment in guarantor subsidiaries
|
|
|
(24,713 |
) |
|
|
(21,219 |
) |
|
|
45,932 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used by investing activities
|
|
|
(38,121 |
) |
|
|
(34,741 |
) |
|
|
45,932 |
|
|
|
(26,930 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of long-term debt
|
|
|
49,288 |
|
|
|
0 |
|
|
|
0 |
|
|
|
49,288 |
|
Repayments of long-term debt
|
|
|
(175 |
) |
|
|
(91 |
) |
|
|
0 |
|
|
|
(266 |
) |
Borrowings under revolving line of credit
|
|
|
304,000 |
|
|
|
0 |
|
|
|
0 |
|
|
|
304,000 |
|
Repayments under revolving line of credit
|
|
|
(339,000 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(339,000 |
) |
Repurchase of common stock
|
|
|
(23,151 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(23,151 |
) |
Proceeds from issuance of common stock
|
|
|
1,291 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,291 |
|
Deferred financing costs
|
|
|
(1,715 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(1,715 |
) |
Excess tax benefits from stock-based awards
|
|
|
938 |
|
|
|
0 |
|
|
|
0 |
|
|
|
938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used by financing activities
|
|
|
(8,524 |
) |
|
|
(91 |
) |
|
|
0 |
|
|
|
(8,615 |
) |
Effect of exchange rate changes on cash
|
|
|
79 |
|
|
|
(20 |
) |
|
|
0 |
|
|
|
59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
26,647 |
|
|
|
2,021 |
|
|
|
0 |
|
|
|
28,668 |
|
Cash and cash equivalents at beginning of period
|
|
|
10,633 |
|
|
|
1,398 |
|
|
|
0 |
|
|
|
12,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$ |
37,280 |
|
|
$ |
3,419 |
|
|
$ |
0 |
|
|
$ |
40,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|